Editor’s note: This is a lightly edited transcript of the accompanying video from professor Peter St. Onge.
The Biden administration is handing President-elect Donald Trump a lit fuse on a $37 trillion debt bomb.
Because they’ve added $12 trillion in debt over the past four years—more than we added in the first 220 years of the republic.
In fact, we added a trillion in the past 100 days alone—an annual rate of three and a half trillion.
Debt interest is already consuming 1 in 4 dollars you pay in taxes and is set to explode to $1.4 trillion. That’s interest alone.
Last week, more than three dozen state financial officers—which is most of them—sent a letter to House Speaker Mike Johnson, R-La., expressing their “grave concerns about the national debt,” characterizing it, correctly, as a “threat to national security.”
Finally, a security…
